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A Limited Liability Partnership (LLP) is a business structure that combines the flexibility of a partnership and the limited liability of a company. It was first introduced in USA in 1991then in the United Kingdom in 2000, following the Limited Liability Partnership Act of 2000.
Governed by LLP Act 2008, The Act came into force for most of its part on 31/03/2009, followed by its rules on 01/04/2009 and the registration of first LLP on 02/04/2009. It came as a result of the recommendations made by several expert committees like Bhatt Committee of 1972, Naik Committee of 1992, Abid Hussain Committee of 1997, Gupta ...
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What is limited liability partnership (LLP)?
Limited Liability Partnerships - The NewAge Business Vehicle. LLPs are rapidly emerging as an alternative to companies and partnership firms which have traditionally been used as forms of business entities. LLP is a hybrid form of business entity which combines the merits of a company and a partnership.
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As per section 3 of the Act, a Limited Liability Partnership has the following characteristics: • A limited liability partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. † A limited liability partnership shall have perpetual succession.
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Step 2 – Application for name availability (Form 1) Step 3 – Application and statement for conversion to LLP (Form 17 & 18) Step 4 – Application for incorporation (Form 2) Step 5 – Registrar to issue Certificate of Registration upon conversion. Step 5A – Intimation to Registrar of Firms (Form 14) – Only for Partnership firms.
Aug 13, 2021 · Limited Liability Partnership Act, 2008. A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership ...
13. Registered office of limited liability partnership and change therein. 14. Effect of registration. 15. Name. 16. Reservation of name. 17. Rectification of name of limited liability partnership. 18. [Omitted.]. 19. Change of registered name. 20. Penalty for improper use of words “limited liability partnership” or “LLP”. 21.
